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LatinNews Regional Monitor: Caribbean & Central America - 24 June 2019
In brief: Panama
* The Financial Action Task Force (FAFT) has announced that Panama will again be included in its list of ‘high-risk’ countries. The FATF has identified Panama as a jurisdiction with strategic Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) deficiencies. Panama was previously on this so-called ‘watchlist’ from 2014 until 2016. Panama was removed from the list after it committed to strengthening the effectiveness of its AML/CFT regime – such as making progress on several recommendations to improve technical compliance and effectiveness. Considering Panama’s efforts on this in recent years, its inclusion on the list came as a surprise. Panama’s economy & finance minister, Eyda Varela, expressed disappointment, saying:“Despite recognising the progress made by Panama and its political commitment at the highest level, the FATF plenary held this week approved that Panama be included in the Compliance Document and monitored by the FATF”. A ministerial statement added that Panama remains committed to strengthening its AML/CFT controls and has presented a plan of action for this year in support of this.
